Amendments

1991—Subsec. (k). Pub. L. 102–237, §113(7)(C)(i), redesignated subsec. (k), relating to review, as (o).

Subsec. (n). Pub. L. 102–237, §113(7)(A), substituted "November 28, 1990" for "the date of enactment of this section".

Subsec. (o). Pub. L. 102–237, §113(7)(C), redesignated subsec. (k), relating to review, as (o), inserted heading, and substituted "this section" for "subsection (e)(1)".

Pub. L. 102–237, §113(7)(B), redesignated subsec. (o) as (p).

Subsec. (p). Pub. L. 102–237, §113(7)(B), redesignated subsec. (o) as (p).

1990—Pub. L. 101–624, §1123, amended section generally, substituting provisions relating to the farmer owned reserve program for provisions relating to the establishment and maintenance of the producer reserve program for wheat and feed grains.

Subsec. (k). Pub. L. 101–624, §2010, added subsec. (k) relating to review.

1988—Subsec. (j). Pub. L. 100–387 temporarily added subsec. (j). See Effective and Termination Dates of 1988 Amendment note.

1987—Subsec. (b)(A)(i). Pub. L. 100–203, §1108(1), substituted "300 million bushels" for "17 percent of the estimated total domestic and export usage of wheat during the then current marketing year for wheat, as determined by the Secretary".

Subsec. (b)(A)(ii). Pub. L. 100–203, §1108(2), substituted "450 million bushels" for "7 percent of the estimated total domestic and export usage of feed grains during the then current marketing year for feed grains, as determined by the Secretary".

1985—Subsec. (a). Pub. L. 99–198 in first sentence substituted "abundant supply, extend" for "abundant supply and extend" and inserted ", and provide for adequate, but not excessive, carryover stocks to ensure a reliable supply of the commodities" after "for their orderly marketing".

Subsec. (b). Pub. L. 99–198 in third sentence substituted ", with extensions as warranted by market conditions" for "nor more than five years" in cl. (1), substituted "when the total amount of wheat or feed grains in storage under programs under this section is below the upper limits for such storage as set forth in clauses (A) and (B) of subsection (e)(2) of this section and the market price for wheat or feed grains is below" for "before the market price for wheat or feed grains has reached" in cl. (4), substituted "the higher of 140 percent of the nonrecourse loan rate for the commodity or the established price for such commodity, as determined under this subchapter" for "a specified level, as determined by the Secretary" in cl. (5), and at end inserted provisions requiring Secretary to encourage participation in the programs authorized under this section by offering producers increased storage payments and loan levels, interest waivers, or such other incentives as the Secretary determines necessary to maintain total amount of storage at specified levels, whenever the total quantity of wheat and feed grains stored under this section is less than 17 and 7 percent, respectively, of the estimated total usage thereof during the then current marketing year, and the marketing price does not exceed 140 percent of the nonrecourse loan rate for the commodity, and inserted provision requiring Secretary to ensure than producers are afforded a fair and equitable opportunity to participate in each producer storage program.

Subsec. (e). Pub. L. 99–198 designated existing provisions as par. (1), inserted ", subject to the upper limits on the total quantity of wheat and feed grains that may be stored under storage programs established under this section set out in paragraph (2)" in second sentence, struck out third sentence which authorized the Secretary to place an upper limit of not less than seven hundred million bushels for wheat and one billion bushels for feed grains placed in the reserve, and added par. (2).

1981—Subsec. (a). Pub. L. 97–98 struck out discretionary authority of Secretary with regard to permitting producers of feed grains to store wheat and feed grains.

Subsec. (b). Pub. L. 97–98 substituted "Secretary shall provide" for "Secretary may provide", struck out "at the same level of support as provided by this Act" after "loans for wheat and feed grains", and substituted provisions that loans be made at such levels of support as Secretary determines appropriate, except that the loan rate not be less than the then current level of support under the wheat and feed grains programs established under this subchapter for provisions relating to the level of price support loans to be made available to producers for the 1980 and 1981 crops of wheat and feed grains necessary to mitigate the adverse effects of the restrictions on the export of agricultural products to the Union of Soviet Socialist Republics and providing that the level of price support loans for the 1980 and 1981 crops of wheat and feed grains not be used in determining the levels at which producers repay loans and redeem commodities prior to the maturity dates of the loans or levels at which Secretary may call for the repayment of loans prior to their maturity dates and "program may provide" for "program shall provide".

Subsec. (b)(2). Pub. L. 97–98 substituted "for storage in such amounts and under such conditions as the Secretary determines appropriate to encourage producers to participate in the program" for "of such amounts as the Secretary determines appropriate to cover the cost of storing wheat and feed grains held under the program".

Subsec. (b)(3). Pub. L. 97–98 substituted "as determined under subsection (c) of this section" for "determined by the Secretary based upon the rate of interest charged the Commodity Credit Corporation by the United States Treasury, except that the Secretary may waive or adjust such interest".

Pub. L. 97–24 struck out ", and the Secretary shall waive such interest on loans made on the 1980 and 1981 crops of wheat and feed grains" after "a rate of interest determined by the Secretary based upon the rate of interest charged the Commodity Credit Corporation by the United States Treasury, except that the Secretary may waive or adjust such interest".

Subsec. (b)(4). Pub. L. 97–98 substituted "if such loans" for "in the event such loans" and "determined under clause (5) of this sentence" for "specified in clause (5) of this subsection".

Subsec. (b)(6). Pub. L. 97–98 struck out cl. (6) which authorized the program to contain conditions prescribed by Secretary under which Secretary may require producers to repay such loans, plus accrued interest thereon, refund amounts paid for storage, and pay such additional interest and other charges as may be required by regulation, whenever Secretary determines that the market price for the commodity is not less than such appropriate level, as determined by Secretary.

Subsec. (c). Pub. L. 97–98 substituted provision prescribing rate of interest charged to participants in the program authorized by this section for provision authorizing payments to producers of the 1979 crops of corn and wheat who did not comply with the 1979 program requirements.

Subsec. (d). Pub. L. 97–98 added subsec. (d) and redesignated former subsec. (d) as (e).

Subsec. (e). Pub. L. 97–98 redesignated former subsec. (d) as (e) and substituted provision authorizing Secretary to place an upper limit on the amount of wheat and feed grains placed in the reserve, with such upper limit not less than seven hundred million bushels for wheat and one billion bushels for feed grains, for provision authorizing the maximum amount of wheat stored as not less than three hundred million bushels nor more than seven hundred million bushels, with authority for Secretary to adjust this amount as necessary to meet commitments by the United States pursuant to international agreements. Former subsec. (e) redesignated (f).

Subsec. (f). Pub. L. 97–98 redesignated former subsec. (e) as (f) and substituted in provision preceding par. (1) "the program authorized" for "the extended loan program authorized", "110 per centum" for "105 per centum", "Secretary may encourage repayment" for "Secretary may call for repayment", and "clause (5) of the third sentence of subsection (b) of this section. The foregoing restriction" for "clause (6) of the second sentence of subsection (b) of this section: Provided, That such restriction" and in provision following par. (3) "clause (5) of the third sentence" for "clause (5) of the second sentence". Former subsec. (f) redesignated (g).

Subsec. (g). Pub. L. 97–98 redesignated former subsec. (f) as (g) and substituted "by the producer's or warehouseman's commitment" for "by his commitment". Former subsec. (g) redesignated (h).

Subsec. (h). Pub. L. 97–98 redesignated former subsec. (g) as (h). Former subsec. (h) redesignated (i).

Subsec. (i). Pub. L. 97–98 redesignated former subsec. (h) as (i) and substituted "To the maximum extent" for "In addition, to the maximum extent".

1980—Subsec. (b). Pub. L. 96–494, §203(a)(1), inserted two provisos in provisions permitting Secretary to provide original or extended price support loans for wheat and feed grains at the same level of support as provided by this Act, in carrying out the producer storage program, under terms and conditions designed to encourage producers to store wheat and feed grains for extended periods of time to promote orderly marketing when wheat or feed grains are in abundant supply.

Subsec. (b)(3). Pub. L. 96–494, §203(a)(2), inserted provisions requiring Secretary to waive interest on loans made on the 1980 and 1981 crops of wheat and feed grains.

Subsec. (b)(5). Pub. L. 96–494, §204, substituted "for the commodity has attained a specified level" for "of wheat has attained a specified level which is not less than 140 per centum nor more than 160 per centum of the then current level of price support for wheat or such appropriate level for feed grains".

Subsec. (b)(6). Pub. L. 96–494, §204, substituted "such appropriate level, as determined by the Secretary" for "175 per centum of the then current level of the price support for wheat or such appropriate level for feed grains as determined by the Secretary under this Act".

Subsecs. (c), (d). Pub. L. 96–234, §1, added subsec. (c) and redesignated former subsecs. (c) and (d) as (d) and (e), respectively.

Subsec. (e). Pub. L. 96–494, §205(1), (2), substituted "except as otherwise provided under section 1736f–1 of this title and section 4001 of this title, whenever the extended loan program authorized by this section is in effect, the Commodity Credit Corporation may not sell any of its stocks of wheat or feed grains at less than 105 per centum of the then current level at which the Secretary may call for repayment of producer storage loans on the commodity prior to the maturity dates of the loans, as determined under clause (6) of the second sentence of subsection (b) of this section" for "whenever the extended loan program authorized by this section is in effect, the Commodity Credit Corporation may not sell any of its stocks of wheat or feed grains at less than 150 percentum of the then current level of price support for such commodity".

Pub. L. 96–234, §1(1), (2), redesignated former subsec. (d) as (e) and added cl. (3). Former subsec. (e) redesignated (f).

Subsec. (e)(3). Pub. L. 96–494, §205(3), in provisions preceding subpar. (A), substituted "sales of corn" for "sales of corn when sold at not less than the release level under the extended loan program", and inserted "when sold at not less than the price at which producers may repay producer storage loans and redeem corn prior to the maturity dates of loans, as determined under clause (5) of the second sentence of subsection (b) of this section, or, whenever the fuel conversion price (as defined in section 4005 of this title) for corn exceeds such price, at not less than the fuel conversion price".

Subsecs. (f) to (h). Pub. L. 96–234, §1(1), redesignated former subsecs. (e) to (g) as (f) to (h), respectively.

Effective Date of 1990 Amendment

Amendment by section 1123 of Pub. L. 101–624 effective beginning with 1991 crop of an agricultural commodity, with provision for prior crops, see section 1171 of Pub. L. 101–624, set out as a note under section 1421 of this title.

Effective and Termination Dates of 1988 Amendment

Pub. L. 100–387, title III, §303(b), Aug. 11, 1988, 102 Stat. 947, provided that the amendment made by section 303(b) is effective only for the 1988 marketing year for wheat and feed grains.

Effective Date of 1985 Amendment

Pub. L. 99–198, title X, §1012(a), Dec. 23, 1985, 99 Stat. 1455, provided that, except as provided in section 1012(b) of Pub. L. 99–198 (set out below), the amendments by section 1012(a) are effective beginning with the 1986 crops.

Pub. L. 99–198, title X, §1012(b), Dec. 23, 1985, 99 Stat. 1456, provided that: "The amendment made by subsection (a)(2)(B) of this section [amending this section] shall take effect with respect to any loan made under section 110 of the Agricultural Act of 1949 (7 U.S.C. 1445e) the date for repayment of which occurs after the date of enactment of this Act [Dec. 23, 1985]."

Effective Date of 1981 Amendment

Pub. L. 97–98, title X, §1001, Dec. 22, 1981, 95 Stat. 1257, provided that the amendment made by section 1001 is effective beginning with the 1982 crops.

Effective Date of 1980 Amendment

Pub. L. 96–494, title II, §203(b), Dec. 3, 1980, 94 Stat. 2571, provided that: "Subsection (a) of this section [amending this section] shall become effective October 1, 1980, and any producers who, prior to such date, receive loans on the 1980 crop of the commodity as computed under the Agricultural Act of 1949 [see Short Title note set out under section 1421 of this title], as amended prior to the enactment of this Act [Dec. 3, 1980], may elect after September 30, 1980, to receive loans as authorized under subsection (a) of this section."

Amendment by sections 204 and 205 of Pub. L. 96–494 effective Dec. 3, 1980, see section 213 of Pub. L. 96–494, set out as an Effective Date note under section 4001 of this title.

Effective Date

Section effective Oct. 1, 1977, see section 1901 of Pub. L. 95–113, set out as an Effective Date of 1977 Amendment note under section 1307 of this title.

Inapplicability of Section

Section inapplicable to 2014 through 2018 crops of covered commodities, cotton, and sugar and inapplicable to milk during period beginning Feb. 7, 2014, through Dec. 31, 2018, see section 9092(b)(5) of this title.

Section inapplicable to 2008 through 2012 crops of covered commodities, peanuts, and sugar and inapplicable to milk during period beginning June 18, 2008, through Dec. 31, 2012, see section 8782(b)(5) of this title.

Section inapplicable to 2002 through 2007 crops of covered commodities, peanuts, and sugar and inapplicable to milk during period beginning May 13, 2002, through Dec. 31, 2007, see section 7992(b)(5) of this title.

Section inapplicable to 1996 through 2002 crops of loan commodities, peanuts, and sugar and inapplicable to milk during period beginning Apr. 4, 1996, and ending Dec. 31, 2002, see section 7301(b)(1)(E) of this title.

Comparability of Storage Payments

Pub. L. 101–624, title XI, §1124, Nov. 28, 1990, 104 Stat. 3506, as amended by Pub. L. 102–237, title I, §114(a)(1), Dec. 13, 1991, 105 Stat. 1838, provided that: "In making storage payments to producers under section 110 of the Agricultural Act of 1949 (7 U.S.C. 1445e) and to commercial warehousemen in accordance with the Commodity Credit Corporation Charter Act (15 U.S.C. 714 et seq.), the Commodity Credit Corporation and the Secretary of Agriculture shall, to the extent practicable, ensure that the rates of the storage payments made to producers are equivalent to average rates paid for commercial storage, taking into account the current demand for storage for commodities, efficiency, location, regulatory compliance costs, bonding requirements, and impact of user fees as determined by the Secretary, except that the rates paid to producers and commercial warehousemen shall be established at rates that will result in no increase in current or projected combined outlays of the Commodity Credit Corporation for the storage payments made to producers and commercial warehousemen as a result of the adjustment of storage rates under this section."

Repayment of Loans Without Penalty

Pub. L. 100–387, title III, §303(a), Aug. 11, 1988, 102 Stat. 947, provided that effective for the 1988 marketing year for wheat or feed grains, once the market price described in former clause (5) of the third sentence of subsection (b) of this section had been reached at any time during such marketing year with respect to such commodity, producers could repay loans made under this section for such commodity during the remainder of that marketing year without the payment of a penalty.